Man Infraconstruction Ltd

Dear Esteemed Shareholders,

The financial year 2024–25 was shaped by a stable and encouraging macroeconomic environment. India's GDP expanded by 6.5%, reafirming the country's position as the fastest-growing large economy. Inflation eased to 3.16% by March 2025, reaching a six-year low and contributing to a favourable climate for long-term investment and overall economic sentiment.

During the last few months of the fiscal year, the Reserve Bank of India reduced the policy repo rate by 100 basis points to 5.5%. While the full transmission of these rate cuts by banks remains gradual, the easing policy is expected to enhance housing a_ordability over time and support demand in the residential real estate sector.

The housing market across India continued to exhibit resilience, driven by end-user demand and rising interest in larger, amenity-rich homes. In Mumbai, property registrations reached 1.41 lakh units in calendar year 2024 the highest in over a decade while stamp duty collections exceeded Rs.12,000 crore, growing 12% year-on-year, according to Knight Frank India. These indicators reflect sustained market confidence, supported by the city's evolving infrastructure and improving connectivity. Encouragingly, the upward trend in registrations has continued into the first few months of 2025. Amid this supportive backdrop, Man Infraconstruction Limited delivered strong sales performance.

I am pleased to share that we recorded remarkable performance in terms of sales, achieving sales of Rs.2,251 crore in 2024-25, representing a threefold growth over Rs.744 crores achieved in the previous year. This strong outcome was supported by healthy inventory absorption across key launches and already delivered projects, reflecting the positive response to our thoughtfully designed offerings and prime locations of our projects.

I am proud to inform that in financial year 2024-25, we launched 5.7 lakh sq. ft. of carpet area with an estimated sales potential of Rs.1,600 crore. Out of this, we have already achieved nearly 45% of sales within 4 to 5 months of launch since January 2025.

The new project launch in the year 2024-25 by MICL Group is the 1st and likely the largest cluster developments in Vile Parle west. ‘JadePark's' appeal in Vile Parle West stems from its thoughtfully crafted offerings premium 3 to 5 BHK deck residences set across nine G+15 towers, spread over a 3 acre site with 50% open greens resulting strong inventory absorption at the launch.

Similarly, we also launched two new 35 storey towers at ‘Aaradhya Parkwood' in Dahisar East. It features premium 1 & 2 BHK and Jodi-style units. The project offers sweeping forest views of Sanjay Gandhi National Park while delivering a curated lifestyle with 60+ amenities which has led to a healthy sales momentum in the project.

During the last fiscal 2023-24, we had also launched a couple of marquee projects, ‘Aaradhya OnePark' in Ghatkopar and ‘Aaradhya Avaan' in Tardeo having a total sales potential of about Rs.4,200 crores. Both these projects, together have not only achieved 40% of their total sales potential as on March 2025 but also contributed significantly to our top and bottom line in the financial year 2024-25.

As part of our long-term growth strategy, we have continued to transition towards the luxury segment, across high-demand micro-markets in Mumbai. The recent exit from residual development rights in a Dahisar project was undertaken to sharpen focus and improve profitability. This also aligns with market trends, where we see strong demand for larger apartments with premium lifestyle amenities and superior living experiences compared to budget categories.

As of March 2025, our portfolio spans 4.8 million sq. ft. across prominent locations such as Tardeo, Marine Lines, Pali Hill, BKC, Goregaon West, Ghatkopar East, Vile Parle West, Dahisar, and Mulund West.

We take pride that across our completed portfolio of 2.8 million sq. ft., we hold negligible unsold stock, emphasizing strong focus on sales. A key milestone achieved during the financial year 2024-25, was being fully sold in our recently delivered projects, such as ‘Aaradhya Evoq' in Juhu and ‘Aaradhya OneEarth' in Ghatkopar East. We are also nearly fully sold out in ‘Atmosphere O2' and ‘Gateway' both projects located at Nahur in Mulund west.

We enter the financial year 2025-26 with a strong sales visibility coming from future launches. We expect to launch multiple projects worth Rs.3,400 crore of estimated sales potential having around 7.5 lakh sq. ft. of carpet area for sale from our upcoming projects. These upcoming developments are in Marine Lines, BKC, and Pali Hill which are currently at various stages of regulatory approvals.

On the Business Development side, we continuously seek opportunities and are evaluating multiple proposals to further expand our footprint in Mumbai region. We are focused to enhance value realization by pursuing projects that align with our policies and improve profitability.

Internationally, MICL Global Inc., our wholly owned subsidiary, has also made some progress. We acquired two new projects in USA. Firstly, a luxury project in Coconut Grove, Miami, comprising ~8,000 sq. ft. of saleable area, where we

(MICL Global) have a 25% membership interest. Secondly, a premium project named "Botanic" near Brickell, Miami, having ~40,000 sq. ft. of saleable area, in which we hold 40% membership interest. These projects reflect our calibrated and conservative approach to overseas expansion in premium real estate markets.

Our order book for EPC work stood at Rs.503 crore as on March 2025. In addition to this, our in-house construction work for ongoing and upcoming real estate projects spans approximately 1.5 crore sq. ft., to be executed over the next few years depending upon the project launch cycle.

From a financial standpoint, during the financial year 2024-25, revenue from operations stood at Rs.1,108 crore, with total income of Rs.1,231 crore. EBITDA for the year reached Rs.324 crore, with a margin of 29.3%, while Net Profit (after minority interest) was Rs.283 crore, translating to a margin of 23.0%. We remain net debt-free at the consolidated level and maintain a robust liquidity position of Rs.570 crore as on March 2025. We had raised Rs.543 crore in January 2024 through preference warrants, of which Rs.183 crore was received as on March 2025. The remaining amount is expected to be received by July 2025, further strengthening our financial foundation for expansion.

As we look forward to the financial year 2025-26 and beyond, we remain committed to timely execution and value creation. With a robust project pipeline, strong brand recall, and prudent financial management, MICL is well-positioned to capture the next phase of growth across Mumbai's real estate market. We extend our sincere gratitude to all our esteemed shareholders for their enduring trust and support in our company. We are pleased to inform you that we have declared two interim dividends totalling to Rs.0.90 per equity share, representing 45% on 37.53 crores of outstanding shares with a face value of Rs.2 each for the financial year 2024-2025. This dividend reflects our commitment to delivering value and rewarding your faith in the company.

Warm Regards,